Schedule of Reconciliation of Effective Tax Rate

The income taxes calculated at the effective tax rate reconcile as follows:


	Year ended September 30,
	2025			2024			2023
Net profit before tax		469,980			293,782			153,652
Expected income tax expense at a 25% statutory UK tax rate		(117,495	)		(73,446	)		(38,413	)
Increased/ decreased by:
- Non-deductible expenses for tax purposes		(2,936	)		(2,175	)		(2,699	)
- Non-deductible share-based compensation		(18	)		(1,098	)		(19,880	)
- Change in permanent items		—			—			687
- Minimum Taxation		—			(1,915	)		—
- Income exempted from tax		—			1,247			—
- Previous year current taxes		1,689			(354	)		(454	)
- Previous year deferred taxes		1,318			(5,042	)		(5,007	)
- Changes in non-recognition of deferred tax assets on temporary differences/tax loss carry forwards		1,504			(11,369	)		(8,400	)
- Tax rate differences		(18,202	)		(13,410	)		(5,628	)
- Tax rate changes		12,288			2,461			(142	)
- Other		199			2,921			1,306
Effective income tax expense		(121,653	)		(102,180	)		(78,630	)

During the year ended September 30, 2025, the gradual reduction of the German corporate income tax rate from 2028 to 2032 resulted in a deferred tax income of €11.6 million. This is reflected above in the Tax rate changes line item.

Schedule of Deferred Taxes

The deferred taxes developed as follows:


	September 30, 2025			September 30, 2024
Net amount at October 1		(130,886	)		(109,794	)
thereof deferred tax assets		117			—
thereof deferred tax liabilities		(131,003	)		(109,794	)
Taxes charged:
to income statement		(20,599	)		(23,814	)
to other comprehensive income
Exchange differences		(388	)		2,722
Net amount at September 30		(151,873	)		(130,886	)
thereof deferred tax assets		11,556			117
thereof deferred tax liabilities		(163,429	)		(131,003	)